Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares extend losses; SembMarine drags

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STOCKS NEWS SINGAPORE-Shares extend losses; SembMarine drags Jun 26th 2012, 04:47 Tue Jun 26, 2012 12:47am EDT Singapore shares extended their losses for the fourth straight day in low volume, on caution ahead of a European leaders' summit that many believe will not produce substantive measures to solve the region's debt crisis. By 0430 GMT, the benchmark Straits Times Index was down 0.3 percent at 2,807.55 points, with S$440.3 million worth of shares traded. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.1 percent. Stocks sensitive to economic growth cycles, such as rigbuilder Sembcorp Marine Ltd, underperformed the broader market. Its shares fell 1.6 percent to S$4.38, while Singapore Airlines Ltd dropped 1 percent to S$10.17. However, Interra Resources bucked the trend to rise 9.1 percent to S$0.360, after it said its jointly controlled entity Goldpetrol Joint Operating Company Inc has started drilling at two of its wells in the Chauk oil field in Myanmar. A two-day summit in Brussels will be the 20th time EU leaders have met to try to resolve a crisis that has spread across Europe since it began in Greece in early 2010. A fifth euro zone country turned to Brussels for emergency funding on Monday when Cyprus announced it was seeking a lifeline for its banks and its budget, hours after Spain submitted a formal request to bail out its banks. 1239 (0439 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 12:33 STOCKS NEWS SINGAPORE-UOB sees dip in SPH Q3 net profit UOB Kay Hian said it expects Singapore Press Holdings Ltd to report a net profit of about S$105 million ($81.8 million) for its third quarter, down 9 percent from a year earlier, mainly due to lower net investment income. SPH is expected to report its results for the three months ended May on July 13. SPH shares were up 0.3 percent at S$3.79 on Tuesday and have risen nearly 3 percent so far this year versus the 6 percent gain in the broader Straits Times Index. For the third quarter of its 2011 fiscal year, SPH reported a relatively high net investment income of S$23.7 million, boosted by fair value gains, UOB said. It noted that SPH's net investment income is usually around S$5-10 million a quarter. UOB said it forecast advertising revenue to fall 1-3 percent from a year earlier, while SPH's newsprint prices have peaked and are expected to be flat going forward. But the broker said SPH offers relatively resilient earnings and an attractive annual dividend yield of 5.8 percent. "Defensive stocks are back in vogue amid stock-market volatility," UOB said, maintaining its 'buy' rating and target price of S$4.60 on SPH stock. 1222 (0422 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ************************************************************ 10:11 STOCKS NEWS SINGAPORE-OCBC upgrades residential sector OCBC Investment Research has upgraded Singapore residential sector to overweight as it expects mass market prices to stay buoyant and sees value in shares of high-end developers. OCBC forecasts mass market price to grow by up to 5 percent this year, as there is ample liquidity still, with interest rates expected to stay low until 2013. The brokerage said it favours City Developments Ltd for its mass market exposure and upgraded it to 'buy' from 'sell' and raised its target price to S$11.53 from S$8.92. CityDev shares were 0.1 percent up at S$10.57, and have risen about 19 percent since the start of the year, versus the Straits Times Index's 6 percent gain. High-end home prices are expected to fall 10-20 percent this year, but OCBC said it sees value in shares of high-end property developers. SC Global, Wing Tai and Ho Bee together are valued at 0.54 times their book value, below average levels seen in 2008's global financial crisis. "We believe that luxury developers' equities have baked in excessively pessimistic expectations," OCBC said in a report. OCBC downgraded UOL Group to 'hold' from 'buy' and kept its target price at S$4.80, citing its limited exposure to the mass market residential segment. "With only one domestic site in UOL's land-bank currently, we view land acquisitions to be key requirements for share price outperformance ahead," OCBC said. UOL shares are up 1.7 percent at S$4.80, and have gained 20 percent since the start of the year. 0949 (0149 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:38 STOCKS NEWS SINGAPORE-K-REIT Asia up on Ocean Fin stake hike Units of K-REIT Asia, a real estate investment trust managed by Keppel Land, rose as much as 3.4 percent to a 9-month high after it said it raised its stake in a Singapore office property to nearly 100 percent. By 0123 GMT, K-REIT Asia units were 2.4 percent higher at S$1.05, with 426,000 units traded, compared to its full-day average of 589,800 over the last five sessions. K-REIT said on Monday it will buy 12.39 percent of the partnership that owns Ocean Financial Centre, raising its stake to 99.9 percent. The acquisition price works out to S$261.6 million or about S$2,380 per square foot of net lettable area, net of rental support of S$24.1 million. CIMB Research increased its target price for K-REIT Asia to S$1.17 from S$1.14, and kept its outperform rating to factor in the accretion from the purchase. "We are net positive on K-REIT's acquisition...with increased control and good placement price outweighing slight negatives from higher asset leverage," CIMB said in a report. 0925 (0125 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ($1 = 1.2843 Singapore dollars) Link this Share this Digg this Email Reprints

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